SEEKING TO COUNTER SOARING US PETROL PRICES,PRESIDENT GEORGE W BUSH SAID TUESDAY HE HAS ASKED AUTHORITIES TO INVESTIGATE WHETHER OIL COMPANIES ARE MANIPULATING THE MARKET, according to dpa. THE MOVE WAS URGED BY LEADERS OF BUSH'S REPUBLICAN PARTY, WHO FEAR THAT A VOTER BACKLASH IN NOVEMBER ELECTIONS COULD THREATEN ITS CONTROL OF BOTH CHAMBERS OF CONGRESS. "AMERICANS UNDERSTAND BY AND LARGE THAT THE PRICE OF CRUDE OIL IS GOING UP AND THAT THE PRICES ARE GOING UP, BUT WHAT THEY DON'T WANT AND WILL NOT ACCEPT IS MANIPULATION OF THE MARKET. AND NEITHER WILL I," BUSH SAID. HE DIRECTED THE FEDERAL TRADE COMMISSION TO INVESTIGATE PETROL PRICES AND ALSO OFFERED FEDERAL HELP TO ANY STATE THAT WOULD DO THE SAME. THOUGH LOWER FUEL TAXES MAKE US PETROL FAR CHEAPER THAN IN EUROPE, AMERICANS ARE INCREASINGLY FRUSTRATED OVER A RECENT SPIKE IN PRICES AT THE PUMP. A GALLON (3.8 LITRES) NOW COSTS AN AVERAGE OF 2.91 DOLLARS, UP 70 CENTS FROM A YEAR AGO, AND OIL COMPANIES HAVE MADE RECORD PROFITS. AS CONSUMERS FEEL THE EFFECT OF ENERGY COSTS IN THEIR POCKETBOOKS, PETROL PRICES ARE EXPECTED TO BECOME A MAJOR CAMPAIGN ISSUE FOR THE MID-TERM CONGRESSIONAL ELECTIONS. RESPONDING TO BUSH'S SPEECH, DEMOCRATIC SENATOR CHUCK SCHUMER CALLED FOR AN EXAMINATION INTO THE POSSIBLE BREAKUP OF THE COUNTRY'S BIG OIL COMPANIES, WHICH HE SAID WERE MONOPOLIZING THE MARKET. --More 2336 Local Time 2036 GMT
